Tesco’s profit more than tripled last year thanks to rising sales and a drop in Covid-related costs. The UK’s largest supermarket chain reported pre-tax profits of € 2.4 billion, up from € 765 million a year earlier. Group sales, excluding fuel, increased by 2.5% to € 65.9 billion, while in the UK retail sales increased by 2.3% year-on-year.
The British supermarket chain Tesco is worried that profits will come under pressure this year due to the accrued inflation. In the competition with discounters such as Lidl and Aldi, Tesco cannot afford to shift the higher prices to the consumer.
More than half of consumers (53%) in the UK claim that the cost of their weekly groceries has increased over the past 6 months. This insight from NielsenIQ is part of a study in which 5 new consumer groups have been identified and how they will determine shopping behaviour in the coming year, against the background of rising inflation.